Markets Breathe Another Sigh of Relief
Today's financial recap and tomorrow's financial outlook.
US, NATO, and EU officials continued to warn Russia of unilateral military actions against Ukraine and any humanitarian missions should involve those organizations as well. President Obama is scheduled to make a statement in the early evening about Iraq after the US withdrew support for current Prime Minister Maliki's government. Maliki said in statements today that the US State Department was taking the side of those who have violated the law and the fight between Iraqi citizens and security forces is a holy war.
An event commonly cited behind today's rally was the first public comments by Fed Vice Chairman Stanley Fischer on monetary policy in 14 months, and the first since he was officially nominated two months ago. Fischer's dovish comments aligned him with Chair Janet Yellen - his prior public speeches had indicated that he may not take a similar stance, so this came as a surprise for market participants.
Tomorrow's Financial Outlook
The only two economic reports scheduled for tomorrow are the monthly Treasury budget statement and JOLTS job openings. Economists prefer the latter report, which is published with a six week delay from the report month, because it shows the truest trends in the job market because it represents openings and quitters in the month. The first refunding auction of Treasuries this week will be held tomorrow at 1:00 p.m. EDT. The Treasury will sell $27 billion of 3-year notes.
The ZEW survey of professional German investors feelings on the current and future economic expectations will be released tomorrow morning.
Earnings season has for the most part wrapped up. Off the 11 companies scheduled to report tomorrow, notables include Kate Spade (KATE), Insys Therapeutics (INSY), Fossil Group (FOSL), and Cree (CREE).
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